{"id":474895,"date":"2026-09-25T03:26:14","date_gmt":"2026-09-25T03:26:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/474895\/"},"modified":"2026-09-25T03:26:14","modified_gmt":"2026-09-25T03:26:14","slug":"how-a-7-interest-rate-for-homes-impacts-sam-diegos-housing-market","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/474895\/","title":{"rendered":"How a 7% interest rate for homes impacts Sam Diego’s housing market"},"content":{"rendered":"

SAN DIEGO (KGTV) \u2014 For those seeking to buy a home for the first time in San Diego, Mortgage Adviser Craig Brock advises customers to cut back on spending and debt. <\/p>\n

But he also admits that buying a home is much more complex than it was in previous decades, even when interest rates peaked at 18% in the 1980’s. <\/p>\n

“The home affordability [in that time] was much better. Today, if we look at the numbers you’re looking at seven times the average income to buy a house,” Brock said. <\/p>\n

According to Zillow, the average price of a home sits just under one million dollars<\/a> in San Diego. <\/p>\n

Of course, there are ways to get around the high price of entry for first-time home buyers. Brock mentioned down payment assistance programs, three percent down programs, VA loans for active-duty service members or, of course, a co-signer. <\/p>\n

“That’s one of the things that has changed over the last 40 or 50 years,” Brock said. “Most of the borrowers that we see today are co-borrowers, we see two borrowers in a household. Sometimes even more than that.” <\/p>\n

New homes could also be a “bright spot” in a relatively dire market, Brock explained. <\/p>\n

“We just had a recent report where some of these incentives are massive to get into new homes; we’ve seen what Lennar’s done the last quarter and even, you know, many other home builders. They’re incentivizing new buyers with interest rate buy downs,” Brock said.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN DIEGO (KGTV) \u2014 For those seeking to buy a home for the first time in San Diego,…\n","protected":false},"author":2,"featured_media":474896,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[1011,2655,16373,58351,74,76,75],"class_list":["post-474895","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-diego","tag-housing","tag-housing-market","tag-mortgage-rates","tag-new-homes","tag-san-diego","tag-san-diego-headlines","tag-san-diego-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/474895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=474895"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/474895\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/474896"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=474895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=474895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=474895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}